DNOW (NYSE:DNOW) Raised to Buy at StockNews.com

StockNews.com upgraded shares of DNOW (NYSE:DNOW) from a hold rating to a buy rating in a research report sent to investors on Thursday.

Separately, Stifel Nicolaus upped their target price on shares of DNOW from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, February 14th.

DNOW Stock Down 0.1 %

NYSE:DNOW opened at $15.98 on Thursday. The stock has a market cap of $1.69 billion, a P/E ratio of 21.89 and a beta of 1.53. The business’s 50-day moving average price is $14.51 and its two-hundred day moving average price is $13.65. DNOW has a twelve month low of $11.42 and a twelve month high of $18.45.

DNOW (NYSE:DNOW) last announced its earnings results on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.14. DNOW had a net margin of 3.41% and a return on equity of 9.04%. On average, equities research analysts expect that DNOW will post 0.86 EPS for the current fiscal year.

DNOW announced that its Board of Directors has initiated a stock buyback program on Friday, January 24th that permits the company to repurchase $160.00 million in shares. This repurchase authorization permits the oil and gas company to buy up to 10% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Pacer Advisors Inc. boosted its stake in shares of DNOW by 9.4% in the 4th quarter. Pacer Advisors Inc. now owns 6,307,678 shares of the oil and gas company’s stock valued at $82,063,000 after purchasing an additional 543,403 shares in the last quarter. Cooper Creek Partners Management LLC boosted its position in DNOW by 138.7% during the fourth quarter. Cooper Creek Partners Management LLC now owns 579,074 shares of the oil and gas company’s stock valued at $7,534,000 after buying an additional 336,474 shares during the period. Foundry Partners LLC grew its stake in shares of DNOW by 832.0% during the third quarter. Foundry Partners LLC now owns 365,795 shares of the oil and gas company’s stock valued at $4,730,000 after buying an additional 326,547 shares during the last quarter. Millennium Management LLC increased its holdings in shares of DNOW by 145.4% in the fourth quarter. Millennium Management LLC now owns 520,695 shares of the oil and gas company’s stock worth $6,774,000 after buying an additional 308,543 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of DNOW in the 4th quarter valued at about $3,903,000. 97.63% of the stock is owned by hedge funds and other institutional investors.

About DNOW

DNOW Inc distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and customer on-site locations in the United States, Canada, and internationally. The company provides consumable maintenance, repair, and operating supplies; pipes, manual and automated valves, fittings, flanges, gaskets, fasteners, electrical instrumentations, artificial lift, pumping solutions, valve actuation and modular process, and measurement and control equipment; and mill supplies, tools, safety supplies, and personal protective equipment, as well as artificial lift systems, coatings, and miscellaneous expendable items.